Brief: Sientra To Pursue Strategic Sale Of Its Business Through Voluntary Chapter 11 Process

Project Sage Oldco

13/02/2024 15:24

Feb 13 (Reuters) - Sientra Inc  SIEN.O :
    * SIENTRA TO PURSUE STRATEGIC SALE OF ITS BUSINESS THROUGH
VOLUNTARY CHAPTER 11 PROCESS
    * SIENTRA TO PURSUE STRATEGIC SALE OF ITS BUSINESS THROUGH
VOLUNTARY CHAPTER 11 PROCESS
    * SEEKS TO EXECUTE AN EXPEDITED SALE PROCESS
    * INTENDS TO PURSUE A SALE OF ITS BUSINESS UNDER SECTION 363
OF
BANKRUPTCY CODE,
    * WILL UTILIZE EXISTING CASH RESERVES AND $22.5 MILLION IN
NEW
MONEY DEBTOR-IN-POSSESSION FINANCING FROM EXISTING LENDERS TO
FACILITATE SALE
    * DEBTOR-IN-POSSESSION FINANCING WILL ALSO INCLUDE A "ROLL
UP" OF
$67.5 MILLION OF SIENTRA'S PREPETITION DEBT OBLIGATIONS
    * WILL CONTINUE TO OPERATE ITS BUSINESS DURING THIS PROCESS

Source text for Eikon:  ID:nGNX4NT4Bz 
Further company coverage:  SIEN.O 

 ((Reuters.Briefs@thomsonreuters.com;))